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Pay up: Activists dressed as debt collectors hold cutouts of the leaders of Italy, the UK, the US, Australia and Canada during a protest in front of the IMF headquarters to ask rich nations to keep their promise to support developing countries to tackle climate change. Photo: Pedro Ugarte/AFP
COP26

Private climate funding is the next finance bubble

Evidence suggests that green lending to reduce developing countries’ CO2 emissions displays all the pathologies associated with financial manias.

  • Arvind Subramanian
5 min read